ISLAMABAD: Prime Minister Nawaz Sharif on Thursday morning inaugurated Latif Gas Field Khairpur that will add 100 million cubic feet of gas per day in the national grid and will help in mitigating the gas shortage to some extent.
Speaking on the occasion‚ the Prime Minister said Pakistan is facing severe economic crisis and supply of indigenous gas is the major component of the total energy mix and main stay of the economy.
“Indigenous gas saves Pakistan in billions of precious foreign exchange since it constitutes about 50% of our energy mix,” he said.
The prime minister expressed pleasure over the completion of this project in a short span of 15 months with the cooperation of Austrian exploration company. He said Pakistan is saving billions of rupees in foreign exchange due to utilization of indigenous gas reserves.
Sharif said the government is formulating new petroleum exploration policy as well as tight gas‚ low BTU and Shale gas policies to address the energy crisis on sustainable basis.
The prime minister expressed the confidence that these policy initiatives of the government will attract the foreign companies to invest in the very important energy sector.
“We are fully cognizant of the fact that without allowing an attractive rate of return to E&P companies it will not be possible to achieve any major breakthrough in harnessing indigenous resources.”
He hoped that the New Petroleum Exploration and Production Policy will significantly alter petroleum exploration regime in Pakistan, adding the government is also in the process for formulating Shale Gas Policy to harness abundant shale gas reserves.
“We are confident that these policy initiatives will attract companies from across the globe to invest in these exciting ventures.”
Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi and Austrian ambassador were also present on the occasion. The Prime Minister was briefed on the gas field project.